Blur’s NFT transfer volume has crossed OpenSea. The number of new addresses on Ethereum is still low. Since its launch in October 2022, Blur [BLUR] has gained significant traction, overtaking industry leader OpenSea in NFT transfer volume, Glassnode found in a new report. How much are 1,10,100 BLURs worth today? Blur marks significant victories According to […]
on 14 February. Prior to the BLUR token AirDrop, the NFT marketplace and aggregator held 48% of the NFT transfer volume in the entire market. However, following the AirDrop, its NFT transfer volume jumped to a high of 78%.
This significantly affected OpenSea as its NFT transfer volume dropped by 21% following BLUR’s AirDrop.Glassnode stated that Blur’s success within a few months of its launch was due to its nature as a professional trading platform for NFTs, which features a zero-trading fee model and optional royalty payments.
In addition, following the BLUR token AirDrop, the platform implemented a token reward system that incentivizes users to post bids. This has enhanced market depth and increased NFT sales frequency, leading to improved liquidity and trading experiences. OpenSea attempted to counter Blur’s success by restructuring its fee model and policies, but this had a limited impact as the platforms have different user bases.2) Moving to optional creator earnings for all collections without on-chain enforcement Moreover, Blur’s daily sales frequency per unique user is significantly higher than OpenSea.
While there has been a growth in on-chain activity, the number of new addresses is still 40% lower than this time last year, indicating negative momentum.“The latest interest in NFTs appear to primarily appeal to existing users, and are as yet, unable to attract new users to the Ethereum network. This also suggests that both NFT marketplaces discussed above, and indeed most protocols, are fighting over the same preexisting user base of crypto-natives.”Subscribe to get it daily in your inbox.
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